6.12.2004: Meldung: United Natural Foods, Inc.: Stock Buy-Back Program
Friday December 3, 8:30 am ET
Program Aimed at Enhancing Long-term Shareholder Value and Reducing Dilution from Equity Incentive Programs
DAYVILLE, Conn., Dec. 3 / United Natural Foods, Inc. (Nasdaq: UNFI - News; the "Company") today announced that its Board of Directors has authorized the Company to repurchase up to $50 million, or approximately 4.5%, based on the closing price of the Company"s common stock on December 1, 2004, of its outstanding common shares. The Company"s policy is to repurchase shares, from time to time, through solicited or unsolicited transactions in the open market or in privately negotiated transactions. The number of shares to be purchased and the timing of the purchases will be based on the level of cash balances, general business conditions and other factors, including alternative investment opportunities. The Company expects to purchase the shares beginning on or about February 2004 and continuing for the next three years. The program may be discontinued at any time.
"Our goal is to continually look for ways to enhance long-term shareholder value and the decision to initiate a share repurchase program reflects the Board"s confidence in United Natural Foods long-term growth prospects," said Steven Townsend, Chairman and Chief Executive Officer. "We also believe this action will assist in reducing dilution from the issuance of common stock under our equity incentive plans in the future."
United Natural Foods has approximately 40.1 million common shares outstanding as of November 30, 2004. This is the first stock repurchase program in United Natural Foods history.
About United Natural Foods
The Company carries and distributes over 35,000 products to more than 18,000 customers nationwide. The Company serves a wide variety of retail formats including conventional supermarket chains, natural product superstores, independent retail operators and the food service channel. For more information on United Natural Foods, Inc., visit the Company"s website at http://www.unfi.com.
Source: United Natural Foods, Inc.